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Intersil says profit rises, ups 2002 guidance

Wednesday April 24, 4:20 PM EDT

IRVINE, Calif., April 24 (Reuters) - Microchip maker Intersil Corp.(ISIL) said on Wednesday profit rose in its first quarter from a year earlier, and said it expected results for the year to beat Wall Street estimates because of strong demand for its chips, used for wireless communications and power management.

Irvine, California-based Intersil said its profit for the quarter ended Mar. 29 rose to $13.8 million, or 13 cents per share, from $8.1 million, or 7 cents per share, a year earlier.

Excluding the amortization of intangible assets, Intersil reported a profit of $15.4 million, or 14 cents per share, compared with an estimate of brokers from Thomson Financial/First Call of 13 cents per share.

For the second quarter the company said it expects per-share earnings of 15 cents with quarter-over-quarter revenue growth of 6 percent to 8 percent. For the year it sees earnings per share of 65 cents to 67 cents and revenue of $580 million to $590 million.

The First Call estimate for the second quarter had been for 15 cents, and for the year the estimate had been 63 cents.

©2002 Reuters Limited.
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